Congruence Capital LLC Buys Shares of 208,102 Mayville Engineering Company, Inc. $MEC

Congruence Capital LLC bought a new stake in Mayville Engineering Company, Inc. (NYSE:MEC) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 208,102 shares of the company’s stock, valued at approximately $3,896,000. Mayville Engineering comprises 1.4% of Congruence Capital LLC’s portfolio, making the stock its 23rd largest position. Congruence Capital LLC owned about 1.02% of Mayville Engineering at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its position in Mayville Engineering by 3.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 877,175 shares of the company’s stock worth $16,422,000 after acquiring an additional 30,052 shares during the last quarter. Royce & Associates LP grew its position in Mayville Engineering by 10.2% during the 4th quarter. Royce & Associates LP now owns 624,307 shares of the company’s stock worth $11,687,000 after acquiring an additional 57,590 shares during the last quarter. 22NW LP grew its position in Mayville Engineering by 3.6% during the 4th quarter. 22NW LP now owns 414,280 shares of the company’s stock worth $7,755,000 after acquiring an additional 14,390 shares during the last quarter. Ameriprise Financial Inc. grew its position in Mayville Engineering by 894.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 394,161 shares of the company’s stock worth $5,424,000 after acquiring an additional 354,514 shares during the last quarter. Finally, Blair William & Co. IL grew its position in Mayville Engineering by 1.0% during the 3rd quarter. Blair William & Co. IL now owns 377,210 shares of the company’s stock worth $5,190,000 after acquiring an additional 3,762 shares during the last quarter. Institutional investors own 45.44% of the company’s stock.

Wall Street Analysts Forecast Growth

MEC has been the topic of a number of research reports. Northland Securities set a $30.00 price objective on Mayville Engineering in a research report on Thursday, May 7th. Zacks Research upgraded Mayville Engineering from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Citigroup boosted their price objective on Mayville Engineering from $25.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Weiss Ratings lowered Mayville Engineering from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, March 5th. Finally, DA Davidson boosted their price objective on Mayville Engineering from $23.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $29.75.

Mayville Engineering Stock Up 1.1%

Shares of MEC opened at $35.61 on Friday. The company has a market capitalization of $729.73 million, a PE ratio of -44.52 and a beta of 1.29. Mayville Engineering Company, Inc. has a 12 month low of $12.10 and a 12 month high of $36.50. The stock’s 50-day moving average price is $24.94 and its two-hundred day moving average price is $20.97. The company has a current ratio of 1.64, a quick ratio of 0.91 and a debt-to-equity ratio of 0.91.

Mayville Engineering (NYSE:MEC) last announced its earnings results on Tuesday, May 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.13. The firm had revenue of $144.78 million for the quarter, compared to the consensus estimate of $139.18 million. Mayville Engineering had a negative return on equity of 5.77% and a negative net margin of 2.93%. On average, analysts anticipate that Mayville Engineering Company, Inc. will post -0.14 EPS for the current year.

Insiders Place Their Bets

In other Mayville Engineering news, CEO Jagadeesh A. Reddy sold 21,796 shares of Mayville Engineering stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $25.93, for a total transaction of $565,170.28. Following the transaction, the chief executive officer directly owned 158,387 shares of the company’s stock, valued at approximately $4,106,974.91. The trade was a 12.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Craig D. Nichols sold 4,000 shares of Mayville Engineering stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $23.24, for a total value of $92,960.00. Following the transaction, the senior vice president directly owned 146 shares in the company, valued at $3,393.04. The trade was a 96.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 80,726 shares of company stock valued at $2,311,768. 5.60% of the stock is currently owned by company insiders.

Mayville Engineering Company Profile

Mayville Engineering Company, Inc (NYSE:MEC) is a U.S.-based industrial manufacturer specializing in engineered metal castings and precision machining services. Headquartered in Mayville, Wisconsin, the company leverages over a century of casting experience to design, produce and finish complex metal components for a broad range of heavy-duty applications.

The company operates two principal business segments: iron castings and steel castings. Its iron segment utilizes green sand and lost-foam molding processes to produce gray and ductile iron components, while the steel segment employs electric-arc furnace technology to manufacture high-strength steel castings.